Ministry of Land requires auto parts prices to be displayed

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Ministry of Land requires auto parts prices to be displayed

The Ministry of Land, Infrastructure and Transport said yesterday that a revised law making automakers release consumer prices for their auto parts went into effect on Saturday.

The ministry said that auto parts sold by the automakers should be displayed with the price, which applies to imports as well.

Under the law, automakers also need to list the price of their auto parts on their websites. A violation can result in a one-year jail term and a 3 million won ($2,900) fine.

The ministry said that the price information must be re-posted every quarter in line with currency rate changes.

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